A family of Microsoft word processing software products for creating web, email, and print documents.
Would I need to wait before the servers come back up to see if I can edit the document, or do I need to take action against this as soon as I can?
If you are able to find that the servers are down, then very likely people are aware of the issue and are busily trying to solve it. You are stuck, unfortunately, until the servers come back to life. Or, possibly, try contacting classmates who downloaded the document earlier. Perhaps they can forward a copy to you by email.
Good luck!